According to recent statistics, some 41 million Americans work as solopreneurs. We have long believed that small business is the lifeblood of the US economy – it doesn’t get much smaller than a one-person company! Renting coworking space as a solo entrepreneur is an important step for you, and we’re always excited to welcome people who are getting serious about their businesses. There has been a shift in recent years, which was certainly accelerated by the pandemic, toward more flexible workplaces and work situations. Self-employment is rising, and it is predicted that by 2027, more than half of the American workforce will be solopreneurs, independent contractors, freelancers, and on-demand workers.
Most are working on a lean and mean philosophy; their size allows them to be incredibly agile and flexible. And they need a workspace that can keep up with their dynamic pace and needs. Coworking space fits the bill for millions – and counting. What are the benefits of renting coworking space as a sole entrepreneur? Let’s dig in and find out.
5 Benefits of Renting Coworking Space as a Solo Entrepreneur
Solopreneurs can feel as if they are stuck between a rock and a hard place when it comes to their work environment. If they work from home, they can save money but they may feel isolated. They may not be as productive as they could be otherwise. They may juggle competing obligations (from a demanding child to a sinkful of dirty dishes!). They may need a space in which they can meet clients away from their homes — and the coffee shop just doesn’t cut it in all cases.
On the other hand, leasing office space is often exorbitantly expensive, particularly in prime business hubs. Terms are often multi-year (typically two to ten years), so there is the very real risk of being locked into an agreement that no longer suits your needs and/or budget in a few months or by next year. Renting coworking space as a solo entrepreneur is a great way to overcome these challenges.
Coworking Space Is a Budget-Friendly Solution
As mentioned, leasing office space can be incredibly pricey – even before you consider the deposit and any other costs you will have to shoulder. Depending on the type of lease, this can include everything from furniture and equipment to building maintenance to insurance. Coworking space, on the other hand, is more like belonging to a club. You can rent space, usually by the month – though some providers offer other options (e.g. weekly, on demand).
And, in most cases, you can deduct the cost of your coworking space on your taxes, just as you would with a more traditional rental situation.
You Can Take Advantage of Onsite Amenities
When you buy or lease, you are responsible for the cost and upkeep of all the tools for a private office you need, as well as other amenities. With the right coworking environment, these are included. You can take advantage of fully and comfortably furnished space, copiers, scanners, and printers, high-speed internet, shared receptionist, available mail and call answering services, lounge with coffee, tea, etc., and more. Each provider is different, so be sure to inquire as to what is included in your agreement.
Leverage a Terrific Location
First and foremost, you will need to establish a business address. While you can use your home or a PO Box, there can be questions as to privacy and legitimacy. A physical address helps establish trust with prospects, customers, and other stakeholders; they know you’re real!
But what other message does your address convey? If it is in a highly desirable area, it reflects well on your business. You’re in the hub, in the midst of the hustle and bustle. A beautiful location and contemporary surroundings grant you a certain prestige and social cachet that is invaluable. Additionally, if it is easily accessible via public transportation, transit routes, and features hotels, shops, restaurants, services, and other terrific features it makes it that much more appealing to prospects, customers, potential investors, partners, and other key stakeholders.
You Can Balance Solitude with Socialization
Coworking space is remarkably flexible, and that extends to how you use it. You can hunker down and get some serious work done – and when you want, you can chat in the lounge, connect with fellow solo entrepreneurs, independent contractors, and freelancers. Who knows? You may build relationships that can propel everyone’s business forward. Or you may make a great friend! Either way, you can effectively balance your needs for solo work time with your need for connection.
Your Space Can Evolve with You
As mentioned, flexibility is key for solopreneurs. When you opt for coworking space, you can contract and expand, scale up or scale down, without worrying about onerous leases or budget-busting changes. You can simply secure the space you need, whether it is a conference room once in a while or a private office now.
What do you need? Find out how Office Evolution can deliver it.